7 Steps to Protect Your Savings from the Hands of Medicaid. Call (740) 653-3450 in Lancaster, Dublin, or St. Clairsville to schedule your FREE consultation with an Ohio Medicaid planning attorney.
Saving money is one of the keys to achieving financial stability and independence. However, as we age, our healthcare needs increase and expenses associated with that care also grow. In Ohio, Medicaid can assist with some of these expenses, including long-term care.
If you want to ensure that your savings stay in your hands and not in the hands of Medicaid, you need to take proactive steps. In this blog post, we’ll discuss seven steps you can take to protect your savings to ensure you are prepared for the future.
At Jarvis Law Office, we are dedicated to protecting Ohio seniors and those who love them, and we’re here to guide you every step of the way. Contact our experienced Medicaid planning team at (740) 653-3450 or online to schedule your FREE consultation today to embark on a journey towards a secure financial future.
Step 1: Know the Medicaid Rules
The first step to ensuring that your savings stay in your hands is to know the Medicaid rules. Specifically, you need to know the Ohio Medicaid eligibility requirements, including the income and asset limits.
These requirements are strict, and if you do not meet them, you might not be eligible for Medicaid assistance. Knowing the rules and eligibility requirements will help you plan for your healthcare needs while preserving your savings.
Step 2: Create an Asset Protection Plan
To protect your savings, we suggest creating an asset protection plan. This plan should include a strategy for transferring your assets to your family or loved ones while still maintaining eligibility for Medicaid.
One option includes creating a trust, which can shield your assets from Medicaid. Another option is converting countable assets into exempt assets, such as prepaying for funeral expenses, purchasing an exempt annuity, or home modifications.
Step 3: Review Your Estate Planning Documents
One of the most critical steps in asset protection is to update your estate planning documents. This means reviewing and updating your will, revocable trusts, powers of attorney, and other legal documents.
You will want to ensure that your documents are updated according to your current financial situation, so your assets are protected from Ohio Medicaid.
Step 4: Consider Long-Term Care Insurance
Long-term care insurance is another way to ensure that your savings stay in your hands while covering the cost of long-term care. Long-term care insurance policies can help pay for nursing homes, assisted living facilities, and home health care.
Having this insurance can reduce the amount of savings you need to spend on these costs and protect the rest of your wealth.
Step 5: Consider Gifting
Gifting your assets may be an effective option to reduce the assets subject to Medicaid’s estate recovery program. Under the 2023 federal gift tax laws, you can gift up to $17,000 per year without incurring a gift tax.
This can be a valuable tool to transfer your assets to your loved ones while reducing your estates’ value. There can be unintended consequences to this option however so, it is important to reference an elder law attorney to see if this option is right for you.
Step 6: Invest in Your Health
Investing in your health can help you avoid or delay the need for long-term care. You can invest in regular health screenings, eat healthily, exercise, and stay active socially and mentally.
By taking care of your health now, you can reduce the likelihood of needing long-term care in the future and keep your savings intact.
Step 7: Consult with a Medicaid Planning Attorney
Finally, consulting with an attorney experienced in Medicaid planning is essential. An attorney can help you plan for Medicaid eligibility, understand the Medicaid rules, and guide you through the Medicaid planning process.
Your attorney can help you explore your options, review your estate planning documents, and set up trusts to protect your assets from Ohio Medicaid.
Getting older is a natural process that brings various worries and concerns. However, losing your savings to Medicaid should not be one of them, especially in Ohio, where it’s legally possible to shield your assets from the government.
By taking the above steps, you can ensure that your hard-earned savings stay in your hands and not in the hands of Medicaid.
Frequently Asked Questions
Q: What is the asset limit for Medicaid eligibility in Ohio?
A: As of 2023, the asset limit for an individual applicant is $2,000. However, this amount is subject to change and can vary depending on the specific Medicaid program.
Q: How can setting up a trust protect my savings from Ohio Medicaid?
A: By transferring your savings to a trust, you essentially remove them from your direct ownership. This can potentially help you qualify for Medicaid, as the savings in the trust are usually not considered in the asset list.
Q: What is the difference between revocable and irrevocable trusts?
A: A revocable trust can be altered or canceled by the grantor at any time, while an irrevocable trust cannot be changed or terminated without the beneficiary’s permission.
Q: What services does Ohio Medicaid cover?
A: Ohio Medicaid provides coverage for services such as hospital stays, physician visits, home healthcare, nursing home care, and certain prescription medications.
Q: Is hiring a Medicaid planning attorney necessary?
A: While not mandatory, hiring a Medicaid planning attorney can be beneficial. They can provide guidance on the various strategies to protect your savings while remaining eligible for Medicaid.
Searching for a “Medicaid Attorney Near Me” in Southeast Ohio? Call Jarvis Law Office
Don’t let the challenges of Medicaid regulations overwhelm you. From understanding the rules to creating a comprehensive asset protection plan, our team at Jarvis Law Office is here to assist you. If you’re in Southeast Ohio and have been searching online for a “Medicaid attorney near me,” call us.
Our experienced Medicaid planning team will work with you closely, ensuring every step you take is in the right direction. We’ll help you preserve your savings while navigating through the complicated terrain of Medicaid eligibility.
Don’t leave your hard-earned savings to chance. Let us help you build a solid strategy, one that is specifically designed for your circumstances and your peace of mind.
At Jarvis Law Office, we protect Ohio seniors and those who love them. We understand the importance of aging with dignity and on your terms. We offer FREE consultations, in-person seminars, and monthly webinars for Ohio seniors and their families.
With locations in Lancaster, Dublin, and St. Clairsville, contact us at (740) 653-3450 or complete our online form to schedule your consultation. You’ve worked hard all your life for your savings. Let’s work together to ensure your savings stay in your hands.
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The information in this blog post (“post”) is provided for general informational purposes only and may not reflect the current law in your jurisdiction. No information in this post should be construed as legal advice from the individual author or the law firm, nor is it intended to be a substitute for legal counsel on any subject matter. No reader of this post should act or refrain from acting based on any information included in or accessible through this post without seeking the appropriate legal or other professional advice on the particular facts and circumstances at issue from a lawyer licensed in the recipient’s state, country, or other appropriate licensing jurisdiction.
Jarvis Law Office, P.C.
904 N. Columbus Street
Lancaster, OH 43130